The statements from Visa and Mastercard echoed similar sentiments, citing Russia’s unprovoked invasion of Ukraine and the unprecedented nature of the current conflict. The decision comes on…
Bottom line: Visa and Mastercard issued separate statements on Saturday announcing their intent to suspend all Russian operations. The coordinated effort by the two largest credit networks in the world is another attempt to ratchet up the pressure on the already ailing Russian economy. The announcements came on the same day a letter from PayPal was released to Ukraine’s Deputy Prime Minister. The letter clearly stated their support for the embattled country and their intent to take similar steps by suspending Russian services. The statements from Visa and Mastercard echoed similar sentiments, citing Russia’s unprovoked invasion of Ukraine and the unprecedented nature of the current conflict. The decision comes on the heels of recent sanctions that limited or removed Russian banks from the SWIFT messaging system, a move that cut off most Russian banks from communicating with the rest of the world using the network.
